As expressed in Monday's view to trade with positive bias we got breakout on Nifty with today's high of 5211.The targets given at start of October series remained to be achieved(5427 and 5577).Also the targets given on Monday for the week were 5185(achieved) and 5227(still 16 points away).We had a close of 5211 on 5th august 2011 and now we are having a close near to it after nearly two months which is significant close for spot Nifty.Next trading session will be a short trading one i.e. Muhurat Trading Session from 4.45 pm to 6.00 pm.The market has closed above the resistance of 5169.25 and has given hope for more.I expect a move of 100-125 point above the resistance of 5169 to roughly 5300(trying to close the gap set in August).Lets us see how the Samavat 2068 session sets the trend for the New year.
Spot Nifty levels for intra-day trade on 26.10.2011
No trade between 5174 and 5210(to avoid whipsaws)
Buy above 5210 with SL of 5190 for targets of 5228-5246-5264-5282
Sell below 5174 with SL of 5194 for targets of 5156-5138-5120-5102
Happy Trading !
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